Veterinary care is instrumental in alleviating the pain levels of companion and farm animals while tending to their injuries. Various drugs and treatments are administered to animals after considering the aftereffects as well as numerous risks. The global veterinary pain management market report by Market Research Future (MRFR) has compiled with a list of drivers, challenges, and opportunities being described in detail for comprehension of users.
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Market Outlook
The global veterinary pain management market is estimated to accrue significant revenue by exhibiting a CAGR of 8.2% during the forecast period (2018-2023). It acquired a unicorn valuation of USD 1000 million in 2017. Main factors driving market growth include adoption of pets, rise in preventive care treatment facilities and units for companion animals, and technologically imaging devices. Other major growth drivers include awareness campaigns by animal shelters and veterinarian organizations and pet insurance coverage schemes which can bolster the market demand.
The rise of nuclear families and rapid urbanization of cities are pushing the adoption rate of pets. Prevalence of various incurable diseases is expected to drive the veterinary pain management market to new heights due to various drugs designed to alleviate pain levels to a minimum. Investments in research and development to expedite the product to market combined with development of vaccines and drugs are contributing to market growth.
Veterinary Pain Management Market Segmentation Analysis
The global veterinary pain management market report is segmented by drug type, devices, route of administration, animal type, application, and end-user.
By drug type, it is segmented into nonsteroidal anti-inflammatory drugs (NSAID), opioids, local anesthetics, A2 adrenegic agonists, muscle relaxants, sedatives, and corticosteroids. Meloxicam, Fentanyl, and Etodolac are the branded drugs within in the NSAID segment. Opioids are further segmented into codeine, morphine, hydromorphone, and others. Lidocaine, Bupivacaine, chloroprocaine, and others are sub-segments of the local anesthetics segment. Xylazine, medetomidine, and others are A2 adrenegic agonists covered in the report.
By devices, it is segmented into electromagnetic therapy and laser therapy.
By route of administration, it is segmented into parenteral, oral, and topical.
By animal type, it is segmented into companion animals, livestock, exotic animals, research animals, aquatic animals, and zoo animals. Horses, cats, dogs, and others are animals discussed within the companion animals segment. On the other hand, poultry, cattle, and pigs are sub-segments within the livestock animals segment.
By application, it is segmented into joint pain, post-operative pain, and cancer. Joint pain is further divided into musculskeletal disorders and osteoarthritis.
By end-user, it is segmented into research institutes and universities, veterinary hospitals & clinics, and laboratories.
Veterinary Pain Management Market Regional Analysis
North America, Asia Pacific, Europe, and Rest-of-the-World (RoW) are the regions being considered for the basis of the report.
North America is estimated to hold the majority of the global veterinary pain management market due to rise in the adoption rate of pets in the U.S. and Canada. According to the survey by National Pet Owners, close to 68% of families owned household pets in the U.S. as of 2017. Other major drivers pushing the market expansion in the region include awareness of animal health, technically advanced devices, and preventive treatment facilities for companion animals. Investments in pet coverage schemes can bode well for the global veterinary pain management market in the forthcoming years.
Europe is the second biggest region for the market due to availability of advanced healthcare units and pet treatment clinics. Grading systems developing for assessing pain levels and doling out right advice are expected to drive regional market growth.
Competitive Outlook
Ceva Santé Animale, Elanco, Vetoquinol, Bayer, Assisi Animal Health, Zoetis, Merck Animal Health, Norbrook Laboratories, Boehringer Ingelheim, Dechra Pharmaceuticals, and Chanelle are major players of the global veterinary pain management market.
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